Low penetration of insurance shows growth potentials

The insurance industry is a green field waiting to be harvested, even as the low penetration shows clearly the humongous growth potential, Chairman, Law Union & Rock Insurance Plc, Remi Babalola, has said.

He noted in a paper entitled: ‘The Future Today of Insurance Industry in Nigeria’ delivered in Lagos, that no further delay should be entertained by operators in rolling up their sleeves to increase contributions to the Gross Domestic Product (GDP) of the nation’s economy by increasing penetration through the instrumentality of innovation; improved manpower skills; technology and improved regulatory reforms.

He maintained that the Nigerian insurance market has adequate growth potential to push up its contributions to the nation’s GDP significantly, stressing that he believes that the insurance market is untapped haven with huge opportunities.

“As industry practitioners, if we yearn for actualizing our dreams and improved industry standards and performance, then we must stand up to the onerous challenges and take up the responsibility of achieving a future of our dream by ourselves,” he said.

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